CBS News
2 in 5 U.S. credit card holders have topped out their spending limit, report finds
Inflation may be cooling, but when it comes to credit card debt more than a third of cardholders are finding themselves in hot water.
Roughly 2 in 5 credit cardholders, or 37%, have either maxed out a credit card or come close to doing so since the Federal Reserve began hiking interest rates in March 2022, according to a new online survey of 3,576 U.S. adults by personal finance firm Bankrate.
Lower-income earners, older people and families those with children under the age of 18 are more likely to say they’ve reached their credit spending limit since the central bank started raising its benchmark rate, the survey found. Of those respondents, 54% point to inflation as the main reason why they’ve tapped out a card, while 38% cite emergency expenses, 25% cite job or income loss, and 22% point to medical costs.
Credit card debt has risen to alarming heights since 2022, as soaring costs in food, housing and auto rates have resulted in many Americans becoming more reliant on plastic simply to make ends meet. Nationwide, consumers collectively owed $1.1 trillion in credit card debt as of the second quarter of 2024, up $27 billion from the previous quarter.
“Inflation does not care if you are rich or poor. Everyone can feel its wrath,” Bankrate analyst Sarah Foster said in the report, published Thursday. “With limited options to absorb those higher costs, many low-income Americans have had no choice but to take on debt to afford costlier essentials — at a time when credit card rates are near record highs,”
Exorbitant APRs
Credit card annual percentage rates surged as the Fed jacked up interest rates in order to quash inflation, making delinquency extremely costly for cardholders. The average APR is now a whopping 24.72%, according to Lending Tree.
And though the Fed recently lowered its benchmark rate by 0.50 percentage points, the impact of the cut on APRs “will probably only save the average credit card debtor a couple of dollars per month off their bill,” LendingTree credit analyst Matt Schulz told CBS MoneyWatch in September.
Consumers who have topped out their credit cards over the last two years are more likely to fall into delinquency, Bankrate found. More than half of such cardholders, or 59%, said they have missed at least one monthly payment on a bill since the beginning of 2024. Credit cards were the most common monthly expense that went unpaid, at 35%, according to the survey.
Credit card delinquencies have soared more than 50% in the past year, according to an August report from the Federal Reserve Bank of New York. About 6.4% of all accounts are now 90 days past due, up from 4% at the end of 2022.
“Being maxed out doesn’t just have ramifications for someone’s personal finances, but it can be a headwind for the economy, too,” said Foster, adding that Americans could find themselves tapped out of credit ahead of the holiday shopping season. “If Americans have already been struggling to keep up with their bills, rising unemployment and weaker job growth could make that picture even worse.”
CBS News
A week before Texas mom Alyssa Burkett’s murder, the killer received a text: “I hope you handle it”
After Alyssa Burkett was murdered, detectives quickly learned that the prime suspect was the father of her child, Andrew Beard. But as the investigation unfolded, they would find out that Beard wasn’t the only one involved in the murder plot.
Take a look inside the investigation.
Oct. 2, 2020 | 9 a.m.
Shortly after 24-year-old Alyssa Burkett pulled into her parking space at work in Carrollton, Texas, a man with a gun shot her in the head through her car window and fled.
Burkett survived the gun blast, got out of her car and tried to get help. Her bloody hand left a print on the office window.
The assailant saw Burkett running and chased after her. He stabbed and slashed Alyssa 44 times and left the scene in his black SUV.
When Burkett’s mother, Teresa Collard, arrived at the scene, she immediately gave detectives a name: Andrew Beard. Beard was the father of Burkett’s 1-year-old child, Willow.
Oct. 2, 2020 | 12 p.m.
Hours after the murder, police officers stopped Beard in his white Ford F-150 pickup truck. His fiancée, Holly Elkins, and baby Willow were with him. Beard was told he could leave the scene, but he couldn’t return home. Officers also seized his pickup truck.
Oct. 2, 2020 | 9 p.m.
Later that night, police searched Beard’s home and found a GPS tracker battery and charging stations that matched a tracking device detectives discovered under Burkett’s car earlier that day.
Investigators also uncovered what they believed to be an unregistered gun silencer.
Oct. 3, 2020 | 12 p.m.
The next day, detectives searched Beard’s white F-150 pickup truck and found a backpack. Inside, they uncovered two bottles of dark brown makeup, and a pair of men’s hiking boots that had been cut into pieces and were soaking in bleach.
Oct. 3, 2020
Later that night, police located that black Ford SUV the assailant drove to the scene. It was found abandoned less than a mile from Beard’s house.
When detectives searched the SUV, they found a fake beard smeared with dark brown makeup.
Oct. 5, 2020
When Beard learned there was a warrant for his arrest, he turned himself in to the Carrollton Police Department. He was charged with murder.
Oct. 6, 2020
Beard’s fiancée, Holly Elkins, voluntarily went to speak with detectives at the Carrollton Police Department.
During the interview, Elkins told investigators that Beard was at home with her on the morning of the murder. She also described herself as a “stage 5 clinger girlfriend,” and said she would have known if Beard left the house that morning.
Oct. 6, 2020 | 1:30 p.m.
After her interview, investigators said Elkins made the following internet searches:
“Can I not be brought to court if I have a psychiatrist note?”
“vulnerable patients going to court”
“contact psychiatrist in Dallas”
“Can I not be subpoenaed to jail if I have a mental issue?”
Oct. 29, 2020
Beard spent two weeks behind bars before he was released on bond. Carrollton Police Det. Jeremy Chevallier said he was worried about baby Willow’s safety, so he reached out to the federal government to take the case under federal firearm laws.
Because detectives found an unregistered silencer during the search of Beard’s home, the federal government agreed to take the case.
Eight days after he bonded out, Beard was rearrested and ultimately charged with cyberstalking using a dangerous weapon resulting in death.
July 15, 2022
In June 2022, Beard pleaded guilty to cyberstalking and using a dangerous weapon resulting in death.
One month later, he spoke to the FBI as part of a plea deal. And he had a lot to say about Elkins’ involvement in Burkett’s murder.
“…It was…’this is how you’re gonna do this,’ it was, ‘… you’re gonna wear this dark makeup …’ That was her plan…that’s how it’s gonna be done,” Beard told the FBI.
May 24, 2023
Beard was sentenced to 43 years in federal prison.
June 21, 2023
After speaking with Beard, the FBI spent about a year building a case against Elkins.
Investigators found internet searches and a Walgreens receipt that connected her to the crime.
They also dug into text messages between Elkins and Beard. In a text sent to Beard one week before Burkett’s murder, Elkins wrote, “I hope you handle it I’m not coming home to b**s***”
Elkins was indicted on three charges: conspiracy to stalk, stalking using a dangerous weapon resulting in serious bodily injury and death and brandishing a firearm in relation to a crime of violence.
July 6, 2023
Elkins was arrested at the Miami airport by federal agents after returning from a trip to the Dominican Republic.
April 9 – 16, 2024
Elkins’ trial began at the federal courthouse in downtown Dallas. After six days, the case went to the jury.
April 17, 2024
The jury deliberated for about an hour-and-a-half before they found Elkins guilty on all counts. On Aug. 15, 2024, Elkins was sentenced to two life terms.
CBS News
A week before Texas mom Alyssa Burkett’s murder, the killer received a text: “I hope you handle it”
After Alyssa Burkett was murdered, detectives quickly learned that the prime suspect was the father of her child, Andrew Beard. But as the investigation unfolded, they would find out that Beard wasn’t the only one involved in the murder plot.
Take a look inside the investigation.
Oct. 2, 2020 | 9 a.m.
Shortly after 24-year-old Alyssa Burkett pulled into her parking space at work in Carrollton, Texas, a man with a gun shot her in the head through her car window and fled.
Burkett survived the gun blast, got out of her car and tried to get help. Her bloody hand left a print on the office window.
The assailant saw Burkett running and chased after her. He stabbed and slashed Alyssa 44 times and left the scene in his black SUV.
When Burkett’s mother, Teresa Collard, arrived at the scene, she immediately gave detectives a name: Andrew Beard. Beard was the father of Burkett’s 1-year-old child, Willow.
Oct. 2, 2020 | 12 p.m.
Hours after the murder, police officers stopped Beard in his white Ford F-150 pickup truck. His fiancée, Holly Elkins, and baby Willow were with him. Beard was told he could leave the scene, but he couldn’t return home. Officers also seized his pickup truck.
Oct. 2, 2020 | 9 p.m.
Later that night, police searched Beard’s home and found a GPS tracker battery and charging stations that matched a tracking device detectives discovered under Burkett’s car earlier that day.
Investigators also uncovered what they believed to be an unregistered gun silencer.
Oct. 3, 2020 | 12 p.m.
The next day, detectives searched Beard’s white F-150 pickup truck and found a backpack. Inside, they uncovered two bottles of dark brown makeup, and a pair of men’s hiking boots that had been cut into pieces and were soaking in bleach.
Oct. 3, 2020
Later that night, police located that black Ford SUV the assailant drove to the scene. It was found abandoned less than a mile from Beard’s house.
When detectives searched the SUV, they found a fake beard smeared with dark brown makeup.
Oct. 5, 2020
When Beard learned there was a warrant for his arrest, he turned himself in to the Carrollton Police Department. He was charged with murder.
Oct. 6, 2020
Beard’s fiancée, Holly Elkins, voluntarily went to speak with detectives at the Carrollton Police Department.
During the interview, Elkins told investigators that Beard was at home with her on the morning of the murder. She also described herself as a “stage 5 clinger girlfriend,” and said she would have known if Beard left the house that morning.
Oct. 6, 2020 | 1:30 p.m.
After her interview, investigators said Elkins made the following internet searches:
“Can I not be brought to court if I have a psychiatrist note?”
“vulnerable patients going to court”
“contact psychiatrist in Dallas”
“Can I not be subpoenaed to jail if I have a mental issue?”
Oct. 29, 2020
Beard spent two weeks behind bars before he was released on bond. Carrollton Police Det. Jeremy Chevallier said he was worried about baby Willow’s safety, so he reached out to the federal government to take the case under federal firearm laws.
Because detectives found an unregistered silencer during the search of Beard’s home, the federal government agreed to take the case.
Eight days after he bonded out, Beard was rearrested and ultimately charged with cyberstalking using a dangerous weapon resulting in death.
July 15, 2022
In June 2022, Beard pleaded guilty to cyberstalking and using a dangerous weapon resulting in death.
One month later, he spoke to the FBI as part of a plea deal. And he had a lot to say about Elkins’ involvement in Burkett’s murder.
“…It was…’this is how you’re gonna do this,’ it was, ‘… you’re gonna wear this dark makeup …’ That was her plan…that’s how it’s gonna be done,” Beard told the FBI.
May 24, 2023
Beard was sentenced to 43 years in federal prison.
June 21, 2023
After speaking with Beard, the FBI spent about a year building a case against Elkins.
Investigators found internet searches and a Walgreens receipt that connected her to the crime.
They also dug into text messages between Elkins and Beard. In a text sent to Beard one week before Burkett’s murder, Elkins wrote, “I hope you handle it I’m not coming home to b**s***”
Elkins was indicted on three charges: conspiracy to stalk, stalking using a dangerous weapon resulting in serious bodily injury and death and brandishing a firearm in relation to a crime of violence.
July 6, 2023
Elkins was arrested at the Miami airport by federal agents after returning from a trip to the Dominican Republic.
April 9 – 16, 2024
Elkins’ trial began at the federal courthouse in downtown Dallas. After six days, the case went to the jury.
April 17, 2024
The jury deliberated for about an hour-and-a-half before they found Elkins guilty on all counts. On Aug. 15, 2024, Elkins was sentenced to two life terms.
CBS News
Trump picks Karoline Leavitt to be youngest ever White House press secretary
President-elect Trump on Friday named Karoline Leavitt, his campaign press secretary, to serve as his White House press secretary.
Leavitt, 27, currently a spokesperson for Trump’s transition, would be the youngest White House press secretary in history. Previously that distinction went to Ronald Ziegler, who was 29 when he took the position in 1969 in Richard Nixon’s administration.
“Karoline Leavitt did a phenomenal job as the National Press Secretary on my Historic Campaign, and I am pleased to announce she will serve as White House Press Secretary,” Trump said in a statement. “Karoline is smart, tough, and has proven to be a highly effective communicator. I have the utmost confidence she will excel at the podium, and help deliver our message to the American People as we Make America Great Again.”
Leavitt replied in a post on X, formerly Twitter: “Thank you, President Trump, for believing in me. I am humbled and honored. Let’s MAGA,” the acronym for “Make America Great Again.”
The White House press secretary typically serves as the public face of the administration and historically has held daily briefings for the press corps.
Trump disrupted those norms in his first term, preferring to serve as his own chief spokesperson. While he was president from 2017 to 2021, Trump had four press secretaries but frequently preferred to engage directly with the public, from his rallies, social media posts and his own briefings.
At a news conference this past August, Trump was asked if he’d have regular press briefings in his new administration. He told reporters, “I will give you total access and you’ll have a lot of press briefings and you’ll have, uh, from me.”
When it came to a press secretary, he said: “Probably they’ll do something. If it’s not daily, it’s going to be a lot. You’ll have more than you want.”
Leavitt, a New Hampshire native, is seen as a staunch and camera-ready advocate for Trump who is quick on her feet and delivers aggressive defenses of the Republican in television interviews.
She worked as a spokesperson for MAGA Inc., a super PAC supporting Trump, before joining his 2024 campaign. In 2022, she ran for Congress in New Hampshire, winning a 10-way Republican primary before losing to incumbent Democratic Rep. Chris Pappas.
During Trump’s first term in office, Leavitt worked in the White House press office. She then became communications director for New York Republican Rep. Elise Stefanik, whom Trump has tapped to serve as his U.S. ambassador to the United Nations.
Trump’s first press secretaries, Sean Spicer and Sarah Huckabee Sanders, were known for quarreling with reporters. Another, Stephanie Grisham, never held a briefing. Her successor, Kayleigh McEnany, often lectured the news media during her appearances in the White House press briefing room.